Jan 10, 2018: The Bitcoin Updates
- Tim Draper, a venture capitalist, who bought Bitcoins in an auction by the United States Marshals Service (the funds seized from darknet illegal marketplace Silk Road), now wears a Bitcoin tie.
- South Korean exchanges are trading Cryptocurrencies at far higher prices of nearly 43% than the rest of the world at times due to high demand in the local market.
- Recently, CoinMarketCap excluded Korean exchange prices in maintaining the Cryptocurrency indices.
- Jamie Dimon regrets defaming Bitcoin by calling it fraud.
The South Korean exchanges are flying high. And the Prime Minister Lee Nak-Yeon expressed that youth might get spoiled over the frenzy going on with Cryptocurrencies.
And there is a free advice that buy Cryptocurrencies in markets like United States, Singapore, or Hong-Kong and sell in South Korean exchanges to gain risk-free profits.
If done wrong, this advice may backfire.
For example, you bought Bitcoin on a US-based exchange. So, now you have to move it to a South Korean Exchange.
Now, the Bitcoin transactions take minimum ten minutes to confirm if not hours. And not all the exchanges instantaneously initiate fund transfers even in terms of Cryptocurrencies. For example, Bitfinex exchange takes at least twelve hours to start any fund transfers.
And, South Korean exchanges majorly use the local currency South Korean Won (KRW) for fiat conversions. The KRW performance does matter a lot.
So, be mindful of these facts and delays before leapfrogging. And choose a Cryptocurrency wisely that helps you earn some money and does not cause headaches with the confirmations.
The CoinMarketCap adjustment
On Jan 8, CoinMarketCap tweeted that “This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity. We are working on better tools to provide users with the averages that are most relevant to them.”
Due to that prices of various Cryptocurrencies went down, and especially Ripple (XRP) has got affected the most. Ether (ETH) was very stable with different markets.
The Camera Company Kodak is in discussions to launch itself into Bitcoin mining and its own Cryptocurrency.
The company stock prices soared more than 100% after the announcement.